Decision details

Cabinet considered the report and RESOLVED to:

1.    Approve a facility of £9m to provide funding for the initial project of Medesham Homes LLP;

2.    Authorise the Director of Governance and Corporate Director Resources to exercise delegated authority to finalise and agree all necessary due diligence on the project; and

3.    Authorise the Director of Governance and Corporate Director Resources to exercise delegated authority to finalise and agree all necessary legal agreements with Medesham Homes LLP to secure the funding for the project.

The funding of this project will help the Council to directly act to ensure the Local Plan’s five-year supply requirements continue to be met.

Do nothing

The Council could choose not to finance this project.  This was rejected because it would be inconsistent with the Council’s increasingly proactive approach to delivery and contrary to the purpose of setting up the jointly owned company.  The Council would also lose the investment return on the loan.